What is Homeowner's Insurance and Do I Need It?

Homeowner’s insurance is designed to insure you against a wide variety of losses and accidents. These range from fire windstorm, hail and explosion to vandalism, theft and negligence. The coverages vary by policy and not all policies provide all coverages. However, all of the policies are similar in that they are divided into two sections: Property and Liability.

Section I (Property) covers your own property, such as the house, detached buildings and personal property. Specifically, this section of your homeowner's insurance policy includes:

Dwelling: The structure used as the residence premises (primary living quarters)

Separate Structures: Structures not connected to the dwelling such as an unattached garage

Personal Property: Contents such as furnishings, clothing, appliances and personal belongings

Loss of use: Additional living expenses if the residence is unfit to live in due to a covered loss

Examples: These coverages will come into play if, for example, your property is damaged by a fire, which is a huge risk for those of us living in Southern California. It’s quite possible that all Section I coverages may be used to help you in this instance. The dwelling and your separate structures may be damaged, your personal property may be damaged, and you may incur additional living expenses if you can’t live in your home until it is repaired.

Section II (Liability) covers you if you become legally obligated to pay for damages resulting from your negligence.

Examples: Situations covered by Section II might include your dog biting someone or your child throwing a baseball through your neighbor’s window.  

Don’t wait until something goes wrong to give us a call. We will assess your property and offer you a FREE consultation on how much coverage you need to properly protect you and you’re family.

Tim Falsken | 805-494-4187 | tfalsken@farmersagent.com

P.S. We also offer coverage for condominiums, renters and landlords! Head over to our website today if you’re local to Thousand Oaks, CA and want to learn more about properly covering your home and family.